FG Vows Clampdown On Traders Inflating Commodity Prices
In a bold move to protect consumers, the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has declared a war on price inflation by traders.
Despite the Naira’s recent appreciation, the FCCPC has raised concerns over the persistent rise in the cost of goods, which has not seen a corresponding decrease in prices. The Commission’s chief, Adamu Abdullahi, emphasized the government’s commitment to safeguarding consumers from exploitative pricing practices.
The FCCPC will leverage its legal framework to enforce fair competition and consumer protection, focusing on monitoring price hikes, addressing consumer complaints, and penalizing businesses involved in anti-competitive behaviors like price-fixing and cartel formation.
Operatives have been instructed to enhance market surveillance and collaborate with various stakeholders to eliminate barriers to entry, combat price-fixing, and dismantle cartels, fostering competition and reducing prices for consumers.
Economy on the Upswing, Claims Finance Minister
Finance Minister Wale Edun, speaking from the IMF-World Bank Spring Meetings in Washington DC, expressed optimism about the Nigerian economy’s trajectory, citing slowing food inflation as evidence of effective new policies.
However, despite a reported decline in the food inflation rate by the National Bureau of Statistics (NBS), Nigerians continue to grapple with high costs of basic food items and living expenses. The Naira’s significant gain against the dollar has yet to translate into tangible relief for the average citizen, with the inflation rate at 33.20% and interest rate at 24.75% for March 2024.
